Kim, a tourist from South Korea, was amazed by such a convenient payment environment in Qingdao when he recently strolled around Zhongshan Road. “Before traveling to China, I exchanged for some RMB. In fact, it turned out to be unnecessary. I can use Visa cars in many shops here.” said Kim.

Data from the People’s Bank of China Qingdao Branch echo what Kim thought about. By the end of this June, the rate of acceptability for foreign-registered bank cards among key merchants in Qingdao surged from 15% in late February to 98%. They include nearly 6,000 merchants that deal in all key scenarios on basic necessities of life.

According to data from the PBOC Qingdao Branch, following the approval of foreign-registered bank cards and foreign e-wallets by Alipay and Wechat, Qingdao in June reported 105,000 transactions, a trading volume of RMB 14.1 mln and 17,000 foreign users, increasing by 139%, 166% and 83% respectively from levels in February. Furthermore, Qingdao gives full play to the underpinning role of cash. All 2,549 ATMs in Qingdao’s 18 key banks accept cash withdrawal by foreign-registered bank cards.   (Fu Jun)